July 13, 2022 07:32 GMT
GERMANY JUN HICP -0.1% M/M, +8.2% Y/Y; MAY +8.7% Y/Y
FRANCE JUN HICP +0.9%r M/M, +6.5% Y/Y; MAY +5.8% Y/Y
SPAIN JUN HICP +1.9%r M/M, +10.0% Y/Y; MAY +8.5% Y/Y
- This morning's round of final June inflation prints largely confirmed the flash estimates, which saw a 0.5pp deceleration for Germany to +8.2% y/y, versus 0.7pp and a hot 1.5pp acceleration to +6.5% y/y for France and +10.0% y/y for Spain. The slowdown in German inflation is largely a product of energy, fuel and transport rebates.
- Small 0.1pp upticks were seen in the French and Spanish month-on-month readings.
- Soaring gas and energy prices continued to generate upward pressure across the Eurozone in June, as well as food prices which increased at a series-high rate in Spain. Core inflation saw some relief in Germany and France, however, continues to tick upwards in Italy and Spain.
- As such this data confirms the need for affirmative action by the ECB in upcoming months, but offers nothing new to the debate.
Source: MNI / Bloomberg
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